If you’re looking to buy a new car, it’s definitely a good idea to consider how much the car payments are going to be. Use our auto loan calculator below to find out how much your monthly payment would come out to if you were to buy your dream car. Then calculate what car you can actually afford.
You can play around with the amount you want to borrow, the term of the loan as well as the loan rate to help you find a number that makes sense to you. Simply input the total amount for the loan, the auto loan interest rate and the length of the loan term.
- Auto Loan Amount: Insert your existing balance on your car loan
- Auto Loan Rate: Input the amount of interest that is being charged on the principal
- Auto Loan Term: Type in how many years do you have left on your car loan term
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Understand that there are multiple sources for an auto loan, so don’t agree to any financing terms that you aren’t comfortable with when buying your car. Also, if you aren’t able to afford the monthly payments on specific vehicle loan terms, adjust accordingly to find an amount that fits your budget.
You can also use the auto loan calculator to find out whether an auto loan refinancing could save you money. To calculate whether a refinance could be better for you, put in the terms of the new loan and compare it with your current mortgage to see how much you could potentially save. An auto loan refinance may not make the most sense, but you won’t know unless you calculate it.
While buying a car may be an exciting experience, it’s important to always keep your budget in mind. Your dream car can turn into a nightmare if you agree to financing terms beyond your financial reach.